'A Texas utopia': Elon Musk planning to build a town, report says

LOS ANGELES - There's a lot of things billionaire Elon Musk plans to do in his life. Colonize Mars, provide free electricity to the world through solar energy and now build his own town. 

According to a report from the Wall Street Journal, Musk described his vision to the outlet as a "Texas utopia along the Colorado River."

Musk says he plans to execute the plan with another executive from his tunnel digging company Boring Co., which reportedly will use its research to incorporate into the proposed town. 

The Wall Street Journal reports that Musk intends to name the town Snailbrook, after the Boring Co.'s company mascot. 

If this new town is anything like Musk's current ventures, it could take some time before something successful and realistic is created. 

Musk's companies Tesla and Twitter are both being probed by U.S. agencies. Tesla is reportedly being investigated for steering wheels that can come off while Twitter is being investigated by the FTC for its data practices after a handful of layoffs at the company.

But no obstacle has been enough to stop Musk apparently as he recently reclaimed the number one spot on Bloomberg's billionaires list. 

So despite recent business setbacks, it appears the world's richest man will still have plenty of cash to blow it on his own personal town. 

Last month, Musk reclaimed the status on the Bloomberg Billionaires Index late Monday afternoon, having a fortune valued at an estimated $187.1 billion at that time, the outlet reported. Musk’s net worth had reportedly been sitting around $180 billion the prior day.

French luxury giant LVMH CEO Bernard Arnault previously supplanted Musk from the No. 1 position in mid-December and had held it since then. Bloomberg pegged Arnault’s net worth at $185.3 billion on Monday.